The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.631%, an increase of about 8 basis points from the day before, according to data from mortgage data company Optimal Blue.
Meanwhile, the average rate for a 15-year, fixed-rate conforming mortgage loan is 5.870%, down about 4 basis points for the same period.
Rates current as of May 21, 2026. Fortune publishes a daily mortgage rates post each weekday that data is available.
Compare mortgage rates for May 21, 2026
Here’s a quick look at week-over-week rate changes.
Fortune reviewed the latest Optimal Blue data available on May 20, reflecting rates for loans locked in as of May 19.
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What you’d pay in interest with where rates are at on May 21, 2026
We ran the numbers through the mortgage calculator provided by the federal government’s Office of Financial Readiness. At the current rate of 6.631%, on a 30-year mortgage where you borrow $300,000, you’d pay roughly $391,966.86 in interest over the life of the loan.
On a 15-year mortgage with the same loan amount used for the estimate, you’d pay roughly $151,898.64 in interest over the life of the loan at the current rate of 5.870%.
Read on to see how mortgage rates have changed from one day to the next.
30-year conventional mortgage: Up about 8 basis points
This may be the most popular mortgage type in the United States.
The current average 30-year mortgage rate is 6.631%. That’s up from 6.545% on the last day’s report.
15-year conventional mortgage: Down about 4 basis points
This type of mortgage is popular with homeowners seeking to minimize interest payments over the life of their loan.
The current average 15-year mortgage rate is 5.870%. That’s down from 5.911% on the last day’s report.
30-year jumbo mortgage: Up about 4 basis points
A jumbo mortgage is one that exceeds the conforming loan limits set by the Federal Housing Finance Agency. While the limit can vary in certain high-cost-of-living-areas, in most of the U.S., it’s $832,750 for 2026.
The current average rate on a 30-year jumbo loan is 6.638%. That’s up from 6.598% on the last day’s report.
30-year FHA mortgage: Up 4 basis points
This type of mortgage is oftentimes more accessible to borrowers with slightly lower credit scores than conventional mortgages. Lenders are protected because these loans are insured by the Federal Housing Administration.
The current average rate on a 30-year FHA home loan is 6.307%. That’s up from 6.267% on the last day’s report.
30-year VA mortgage: Up about 5 basis points
These loans are, in general, available to U.S. military members and veterans and surviving spouses. One attractive feature is that they have no minimum down payment requirement, unlike most other mortgage types.
The current average rate on a 30-year VA home loan is 6.203%. That’s up from 6.154% on the last day’s report.
30-year USDA mortgage: Up about 7 basis points
A USDA loan is meant to help low- to moderate-income borrowers purchase a home in an eligible rural area. Like VA loans, USDA loans have no minimum down payment requirement.
The current average rate on a 30-year USDA home loan is 6.267%. That’s up from 6.200% on the last day’s report.
What the Federal Reserve is doing in 2026
The Fed does not set mortgage rates, but does indirectly influence them by what it does with the federal funds rate. That benchmark rate is what banks charge each other to borrow money overnight.
When the Fed increases the federal funds rate, mortgage rates often rise, and conversely, mortgage rates often decrease when the Fed cuts the federal funds rate. At its most recent meeting April 28-29, the Federal Open Market Committee left the federal funds rate at 3.50% – 3.75%.
The FOMC has another meeting coming up on June 16-17.
Some would-be homebuyers probably remember when the average mortgage rate dropped to a startling low of 2.65% in January 2021. That came as the Fed had cut the federal funds rate to effectively zero, trying to stave off a pandemic-induced recession.
However, barring a disaster of that level, experts do not expect mortgage rates to drop that low again in the foreseeable future.
Trends with mortgage applications
Mortgage applications are down slightly, per data from the Mortgage Bankers Association. Specifically, applications were down 2.3% for the week ending May 15 compared to the week prior.
“Ongoing concerns around inflation from higher fuel costs, combined with rising concerns over global public debt, pushed Treasury yields higher in the U.S. and abroad last week,” Joel Kan, MBA’s vice president and deputy chief economist, noted in a news release.
Kan added:
“Overall applications were down to the lowest level in five weeks as purchase borrowers pulled back across conventional and government loan types. Refinance applications were essentially unchanged, with a decline in government refinances and an increase in conventional refinancing, likely as the increase in rates came late in the week.”
Almost 10% of applications were for adjustable-rate mortgages, which the release noted represents the highest share since October 2025, as borrowers look to ARMs as an avenue for lower rates.
Recent reporting on the housing market from Fortune
If you want to stay in the loop and understand what’s happening with the economy, Fortune has your back. See what the newsroom has been reporting on recently:
- Billionaire space founder says he can tell if you’ll stay stuck in the middle class forever with a simple kids marshmallow test—and even your car can give it away
- The new American Dream doesn’t live in a big city. It lives in Celina, Texas
- Exclusive: Martha Stewart’s new AI startup wants to manage your home before things break
- Investors are betting big on senior housing. There’s just one problem—the baby boomers they’re chasing can’t pay the rent
- The American Dream is moving to the Midwest—Michigan and Wisconsin beat the coasts for the hottest housing markets, Redfin finds
- AI is quietly splitting the housing market in two: Bay Area luxury homes are up 13%, affordable ones are collapsing
- America’s twin scarcities: The 4-million-unit shortage in both housing and childcare is breaking families
Why you should comparison shop
Bear in mind that you can comparison shop from a couple different angles. On one hand, it’s worth considering different mortgage types to understand what the best type of loan is for your needs.
If you have exceptional credit, you might get the best deal for your situation from a conventional loan. But, if you have a credit score below 600, you’d likely get denied for a conventional mortgage while still having a chance at approval for an FHA home loan.
There’s also comparison shopping by applying with different lenders. Freddie Mac notes that in markets with high interest rates, homebuyers who shop around with multiple lenders might save from $600 to $1,200 per year compared to those who don’t.
Frequently asked questions
Are a mortgage’s interest rate and APR the same?
They’re not quite the same. Your APR will include interest plus any applicable fees, meaning it will generally be a slightly higher number than interest rate alone.
What’s a good mortgage rate in May 2026?
With the average for a 30-year conventional mortgage hovering around 6.50% these days, if you snag a rate slightly above 6.00%, that’s probably a good deal.
Will mortgage rates go down?
Perhaps. If the Fed decreases the federal funds rate in 2026, there’s a chance mortgage rates might dip accordingly. But other factors are at play too, with inflation, the national debt, and the demand for home loans all impacting mortgage rates.
